Greater Sacramento Region Prosperity Strategy
A Comprehensive Economic Development Strategy (CEDS) is a region’s economic roadmap that ensures a strong, inclusive, and equitable economy by bringing together public, private, and civic stakeholders to establish regional goals, objectives, and a plan of action. The CEDS process analyzes existing regional conditions, opportunities, and global economic conditions, leading to a region-specific strategy-driven plan for economic prosperity. This 2020 update to the CEDS was accomplished as part of the region’s overall inclusive economic development strategy, “Our Path Forward: The Prosperity Strategy,” a joint effort of the Greater Sacramento Economic Council, Sacramento Metro Chamber of Commerce, Sacramento Area Council of Governments (SACOG), and Valley Vision.
The Capital Region’s previous CEDS, Next Economy, covered 2013 to 2018. To prepare for the region’s next CEDS, Valley Vision, Greater Sacramento Economic Council, Sacramento Metro Chamber, and Sacramento Area Council of Governments launched the Prosperity Strategy process in 2018. The strategy builds upon the Brookings Institution market assessment findings and framework of five market levers: Tradable Clusters, Innovation, Talent, Infrastructure, and Governance. The Greater Sacramento Region Prosperity Strategy (CEDS) focused on three principle goals: improve business, support people, and develop place. The Prosperity Strategy is a triple bottom line approach that will ensure a strong, inclusive, and equitable economy for the six-county Sacramento region. It serves as the region’s CEDS.
The goal is to grow the Sacramento Region’s economy in ways that support all of the region’s residents and communities by prioritizing core economic initiatives resulting in a more aligned, prosperous and resilient Sacramento Region.
An effective CEDS allows a region to maximize its potential by serving as a roadmap for future economic development endeavors. A CEDS qualifies a region for U.S. Economic Development Administration (EDA) funding assistance, under its Public Works and Economic Adjustment Assistance programs. The CEDS must be fully updated every five years in order to stay relevant with changing economic conditions, with annual progress reports.
Access both the Prosperity Strategy and the full CEDS here:
Valley Vision serves as the project manager for the CEDS process. The six-county 2020 CEDS was posted for public comment for 30 days, closing on March 13, 2020. Comments submitted for the CEDS were reviewed by Valley Vision and response were provided. The CEDS was approved by EDA, as detailed in this blog post by Valley Vision’s Trish Kelly.
The CEDS is conducted in collaboration with the Prosperity Partnership: Greater Sacramento Area Economic Council, Sacramento Area Council of Governments, Sacramento Metropolitan Chamber of Commerce, and Valley Vision. The findings, conclusions, and recommendations are based on multiple sources and work product that include but are not limited to the Prosperity Partnership, RW Ventures, Brookings Institution, Centers of Excellence, and regional partners.
For further questions, please email Trish Kelly.